General Motors Co. on Friday hired external advisers to start liquidating its Saab unit in a move that dims hopes of a last-minute rescue for the iconic Swedish brand.
The automaker also sought Swedish government approval to start winding down Saab, despite another flurry of interest from prospective buyers.
GM said Friday it is continuing to evaluate offers for Saab, and that the hiring of AlixPartners to oversee a wind-down doesn’t necessarily doom its survival.
The moves have left Saab’s supporters — from U.S. dealers to European labor leaders — fuming over what they see as GM’s lack of openness to a deal that would save Saab.
Ed Whitacre, GM’s chairman and chief executive, earlier this week said closing Saab is the most likely scenario. But many hoped a string of last-minute bids would sway GM to reverse course.
Spyker Cars NV, considered the front-runner, on Thursday sweetened an earlier offer. Chief executive Victor Muller said Friday he wasn’t surprised by GM’s decision to move ahead on winding down the loss-making unit, though he didn’t believe this would affect his own offer.
A consortium made up of Luxembourg-based private investment firm Genii Capital, Swedish businessman Lars Carlstrom and Formula One entrepreneur Bernie Ecclestone earlier Friday announced it had placed a bid for Saab.
Carlstrom said his consortium hasn’t received any information from GM about the wind-down process and will now contact the company.
